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Arman Industries has net income of $ 4 , 5 0 0 , 0 0 0 , and it has 1 , 5 0 0

Arman Industries has net income of $4,500,000, and it has 1,500,000 shares of common stock outstanding. The company's stock currently trades at $60 a share. Arman is considering a plan in which it will use available cash to repurchase 10% of its shares in the open market at the current $60 stock price. The repurchase is expected to have no effect on net income or the company's P/E ratio. What will be it's stock price following the stock repurchase?

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